The Complexity of Technological Innovation Decision-Making in Emerging Industries
Table 1
Regression results of the influence of financing constraints on technical innovation.
Variable
R&D concentration
R&D intensity
Number of patent applications
Number of invention patents
Number of noninvention patents
L.FC
−0.031
−0.114
−0.024
−0.038
−0.002
(0.014)
(0.032)
(0.012)
(0.015)
(0.014)
L.size
−0.287
−0.629
0.357
0.378
0.348
(0.051)
(0.119)
(0.044)
(0.050)
(0.058)
L.TobinQ
−0.009
−0.029
0.024
0.030
0.009
(0.013)
(0.029)
(0.006)
(0.010)
(0.010)
L.Concentr
−0.009
−0.025
−0.000
0.002
0.002
(0.004)
(0.009)
(0.003)
(0.003)
(0.003)
L.Sgrowth
−0.011
−0.165
−0.000
−0.000
0.000
(0.024)
(0.054)
(0.000)
(0.000)
(0.000)
Age
−0.037
−0.160
0.045
0.071
0.024
(0.015)
(0.036)
(0.011)
(0.010)
(0.014)
L.Cflow
−0.003
−0.005
−0.000
(0.002)
(0.002)
(0.002)
Constant
9.033
17.980
−7.436
−8.479
−7.302
(1.203)
(2.798)
(0.922)
(1.058)
(1.203)
Time effect
Controlled
Controlled
Industry effect
Controlled
Controlled
Sample size
757
757
628
625
608
Notes: ,, and mean significant at the significance level of 1%, 5%, and 10%, respectively. The figures in parentheses are standard errors, the same as below. L.variables represent variables with a lag of one period.
